Employer-assisted housing program reports successful first year

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Twenty-one Miami employees have taken advantage of the new employer-assisted housing program since its implementation in January 2003. The program provides mortgage assistance to faculty/staff who purchase their initial home in the city of Oxford.

Miami is allocating $100,000 per year to the program, in which employees are eligible for a "forgivable" loan of $4,000, or $10,000 if the home is in Oxford’s Mile Square. A portion of the loan is forgiven each year, with the entire amount forgiven after seven years of owner occupancy.

The program is intended to enhance recruitment and retention of faculty and staff; it will also assist with community-wide efforts to improve the Mile Square. One classified staff member has already made use of the program to purchase a home in the Mile Square.

All full-time, benefit-eligible employees may participate, with loans distributed on a first-come, first-served basis.

For more information or a brochure, call Neighborhood Housing Services at 737-9301 or benefit services at 9-3926.